Crypto Dogecoin at $0.16: towards a fall despite the rise of Bitcoin?
Created as a joke in 2013, the Dogecoin (DOGE) crypto has experienced a meteoric rise recently. Its success is mainly due to the enthusiasm of investors and celebrities like Elon Musk. According to some cryptography expert analysts, the future of Dogecoin seems uncertain. These analysts predict a potential drop, despite the rise of the flagship crypto Bitcoin.
The Dogecoin crypto in decline
The price of Dogecoin (DOGE) has experienced a notable drop in recent days. Specifically, the price of the crypto-asset fell from $0.22 to $0.16. This represents a 27% drop. By the time of writing, the value of the memecoin is hovering around $0.1624.
This decline can be attributed to several factors, including the loss of interest from crypto investors. However, since Dogecoin is often considered an “altcoin,” its price tends to follow the Bitcoin trend. Therefore, its price drop can be explained by the drop in the price of the flagship crypto.
In addition to this, Dogecoin’s technical indicators are concerning. The Relative Strength Index (RSI) has fallen below 50, indicating an oversold situation. This means that:
- Dogecoin is potentially overvalued,
- a further decline could occur.
Crypto Analysis: The Uncertain Prospects of Dogecoin
The future of the memecoin Dogecoin remains a source of intense debate within the crypto community. Some experts warn of a potential decline of Dogecoin, even if Bitcoin (BTC) reaches new heights.
According to Credible, two scenarios could lead to a decline in Dogecoin:
- a massive rejection of BTC, causing a drop in alternative cryptocurrencies
- a meteoric rise of BTC that could temporarily divert the attention of investors and favor the liquidity of other cryptocurrencies, like Dogecoin.
Analyst Ali Martinez, on the other hand, highlights Dogecoin’s potential to double its value if it manages to overcome the key resistance of $0.171. In that case, its next resistance would be $0.322.
The future of Dogecoin therefore remains uncertain. The crypto coin faces several challenges, but hope is not lost.
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Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.